File Photo: Paris Saint-Germain's Spanish forward #11 Marco Asensio (R) crosses the ball in front of Lille's French defender #15 Leny Yoro (L) during the French L1 football match between Paris Saint-Germain (PSG) and Lille LOSC at the Parc des Princes stadium in Paris. AFP
A three-time Champions League winner during his time at Real Madrid, Asensio joins Marcus Rashford, who arrived on loan from Manchester United on Sunday, in a new-look Villa forward line.
Emery was keen for reinforcements after the departure of Colombian striker Jhon Duran to Saudi Pro League side Al Nassr last week for a reported £64 million ($79 million).
Dutch forward Donyell Malen also joined the Birmingham-based club earlier in the window from Borussia Dortmund.
Villa have qualified for the last 16 of the Champions League on their return to European football's elite competition for the first time since 1982-83.
Emery's men sit eighth in the Premier League but are only four points adrift of the top four in the battle for Champions League football next season.
Asensio won the Ligue 1 title in his only full season at PSG after a nine-year spell at Madrid.
But the Spanish international saw limited playing time in recent months and has not made a single start since November.
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